Range Resources (RRS:ASX, AIM:RRL) Issues Update on Smith #1 Well - Positive News Continues to Flow
DRILLING UPDATE – SMITH #1 WELL, TEXAS
Update by Australian based oil and gas explorer Range Resources Limited (ASX: RRS; AIM: RRL) (“Range” or “the Company”) on its exploration drilling program in the North Chapman Ranch area, Texas.
Smith #1 well, North Chapman Ranch
The exploration well Smith #1 spudded on 4 September 2009. Surface casing was set and cemented at 1,528 ft(465m) and the well was subsequently drilled to the intermediate casing depth of 11,352 ft (3,455m). Open hole logs were acquired on October 9, 2009, and 9 5/8″ casing set and cemented shortly thereafter. The well is currently being prepared for drilling to the proposed total depth of ~14,200’ (4,329m).
Name of well Smith #1
Spud date 4 September 2009
Current depth ~11,334 ft (3,456m)
Proposed total depth ~14,200 ft (4,329m)
RRS beneficial interest 25%
Background on North Chapman Ranch
Range holds a 25% working interest in the drilling of Smith #1 well. The well shall be drilled to an approximate depth of 14,200 ft (4,329m) or to a depth sufficient to test the Howell Hight formation. If successful, the Smith #1 well could trigger significant oil and gas production and development drilling with very attractive economics, at a time when exploration and development costs in the US have dropped dramatically.
Range will continue to update the market on a weekly basis during its exploration drilling program.
End
For further information please contact:
Range Resources
Peter Landau
Tel : +61 (8) 8 9488 5220
Em: plandau@rangeresources.com.au
Australia
PPR
David Tasker
Tel: +61 (8) 9388 0944
Em: david.tasker@ppr.com.au
RFC Corporate Finance ((Nominated Advisor)
Stuart Laing
Tel; +61 (8) 9480 2500
London
Conduit PR
Jonathan Charles
Tel: + 44 (0) 20 7429 6666
Em: jonathan@conduitpr.com
Fox‐Davies Capital (Broker)
Daniel Fox‐Davies
Tel: +44 (0) 207 936 5200
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